The negotiations resulted in Husson family holding a stake in Ascoma, and help the transition and development of the new group
Lebanon-based financial holding company Chedid Capital has entered into exclusive talks with the Husson family for the transfer of ownership of Ascoma Assureurs Conseils (Ascoma).
The negotiations resulted in Husson family holding a stake in Ascoma and help with the transition and development of the company. The transfer of control applies to the African operations of the Ascoma group, while the Husson family maintaining the brokerage operations in Monaco and France.
This transaction is expected to strengthen Chedid Capital as an insurance broker serving companies in the Middle East and Africa, the markets with resilient development potential. The transaction is anticipated to be completed, subject to obtaining regulatory authorisations.
Chedid Capital founder and chairman Farid Chedid said: “The acquisition of Ascoma is part of our global strategy to create an insurance broking leader in Africa and the Middle East and to the development of a complete range of insurance solutions in these markets.
“We are convinced that beyond the market development and commercial synergies, the experience, know-how and governance of both Chedid Capital and Ascoma will give shape to our ambitious Group in the interests of our clients, partners and team.”
Ascoma is an insurance brokerage with 70 years of presence in the African continent
Monaco-based Ascoma is an insurance brokerage firm operating through a network of 23 subsidiaries in 21 countries in Africa, and an office for international affairs in Paris.
The principality broker is engaged in providing insurance broking, including P&C and Healthcare, along with the management of healthcare costs, through its nearly 780 employees. The company has served 70 years in the African continent and has partnered with large-scale insurance brokers.
Ascoma said that its subsidiaries hold an in-depth knowledge of the regulatory and legal environment of the insurance and reinsurance market, along with the local socio-economic structures.
Furthermore, the company said that it will preserve the interests of its clients in the insurance market and its teams of experts will conduct risk audits, negotiate the optimal coverage conditions with insurers and manage claims and compensation in as fast as possible.
Ascoma President Hervé Husson said: “My family is selling its business in Africa while remaining associated with Chedid Group, best known for its professionalism, reliability and integrity. Our goal now is to refocus on the development of our business in Monaco, France and in Europe as well”.
“Farid Chedid and his team won us over by the ambitious acquisition strategy. We strongly believe in this project which will allow the new group to speed up its growth thanks to significant synergies, to its know-how on one hand and to the expertise and significant additional resources of Chedid Capital on the other hand.
“We will continue to be involved in the development of the Group by remaining significant shareholders and members of the board of directors.”